Info@NationalCyberSecurity
Info@NationalCyberSecurity

Twice Hacked FixedFloat Back In Service On ‘Limited Mode’ | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker


KEY POINTS

  • FixedFloat said all currencies will be made available for trading ‘gradually’
  • The exchange first lost $26 million due to flaws in its security system in February
  • The same hackers broke into FixedFloat’s system early last month and stole nearly $3m in cryptocurrencies

Cryptocurrency exchange FixedFloat is back in business over a month after it was exploited by the same hackers for the second time, the exchange confirmed late Monday on X (formerly Twitter).

“We are pleased to announce that our service is now available to you again!” the exchange wrote. However, it is operating “in a limited mode” and many currencies are not yet available for trading. All currencies for exchange that were previously available before the exploits will “gradually” be made available, it added.

Regarding orders and refunds following the hacking incidents, they will be fulfilled “as soon as possible,” FixedFloat said.

Most users celebrated the exchange’s return to service, but at least one said the past month was “irritating” while waiting for the weeks-long maintenance work to be completed. In response, FixedFloat apologized for the delay in getting the exchange back up fast.

It also explained that the “lengthy technical work was due to restoring the service after a second hack,” in addition to ensuring that the appropriate security measures are put in place before running the exchange again.

One user expressed joy for FixedFloat’s comeback, saying he had to pay “ridiculous” fees to competitors while the exchange was inactive and undergoing technical fixing.

FixedFloat was first hacked in February. At the time, the crypto exchange lost 409 Bitcoin (BTC) and 1,728 Ether (ETH) worth around $26 million after its infrastructure was compromised due to “flaws and insufficient protection.” The exchange clarified to International Business Times that the hacking was not an “insider job” and that “user funds were not affected” by the security breach.

Early in April, the exchange was again attacked by the same hackers that took millions from FixedFloat in February. Some $2.8 million was lost to last month’s exploit, and the funds were transferred to a “suspicious address” before the different digital assets were swapped into ETH, according to blockchain security firm Cyvers. The exchange also said at the time that user funds were not affected.

Malware defense and system vulnerability firm PeckShield said Tether, the tech giant behind popular stablecoin Tether (USDT), blacklisted seven wallet addresses that received $280,000 from FixedFloat after the incident.

FixedFloat is just one of dozens of crypto firms that suffered exploits so far this year. Last week alone, the crypto industry lost over $71 million to security-related incidents, according to blockchain security firm SlowMist. Last week’s biggest hack came in the form of an address poisoning attack on the account of a crypto whale that lost 1,155 Wrapped Bitcoin (WBTC) worth some $68 million at the time of the exploit.

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